An insurer offers a policy very similar to Medicare. An agent tells an applicant that the policy is Medicare since the policies are similar. Which of the following is true?

A. This is illegal only if the policy is bought by the applicant.
B. This practice is illegal.
C. This is a legal practice.
D. This is legal as long as the applicant understands all the benefits.

Question

05-07-2024
Law

Answered

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An insurer offers a policy very similar to Medicare. An agent tells an applicant that the policy is Medicare since the policies are similar. Which of the following is true?

A. This is illegal only if the policy is bought by the applicant.
B. This practice is illegal.
C. This is a legal practice.
D. This is legal as long as the applicant understands all the benefits.

Sagot :

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-07-05T02:54:02-04:00

Final answer:

Misrepresenting an insurance policy as Medicare is illegal due to fraudulence and deception.

Explanation:

This practice is illegal. Misrepresenting an insurance policy as Medicare when it is not is fraudulent and deceptive. It is important for applicants to be provided with accurate information about the policies they are purchasing.

Moral hazard: A situation where one party takes risks knowing that they are protected from the consequences, such as in insurance markets.

Actuarially fair insurance policy: Premiums paid equal the average benefits received, ensuring fairness and sustainability.

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Final answer:

Explanation:

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